The parent firm of Paytm, One 97 Communications Limited (OCL), has announced a significant board change. Rajeev Krishnamuralilal Agarwal, a former IRS official and SEBI Whole-Time Member, has been named Non-Executive Independent Director. This important hire demonstrates Paytm’s commitment to improving corporate governance through increased regulatory and compliance knowledge.
Neeraj Arora Resigns Due to Personal Commitments
Neeraj Arora has resigned from his position as Non-Executive Independent Director, citing preoccupations and personal commitments. Arora’s contributions have been critical to Paytm’s growth and development. Agarwal has almost 40 years of experience in the financial sector, including 28 years with the Indian Revenue Service.
During his term as a Whole Time Member of SEBI, Agarwal was instrumental in various market reforms. Notable accomplishments include the revitalization package for the mutual fund industry in 2012, the merger of the Forward Markets Commission with SEBI in 2015, and a number of IPO changes aimed at improving market transparency. He also implemented an offer for sale system for PSU disinvestment and expanded the SME exchange, which improved capital-raising prospects for small businesses and entrepreneurs.
Paytm’s Leadership Welcomes Agarwal
Paytm’s Founder and CEO, Vijay Shekhar Sharma, expressed pleasure for Agarwal’s hiring. I’m delighted to welcome Rajeev Agarwal to the Paytm board. His regulatory and government experience will be a great addition to our board. I’d also like to thank Shri Neeraj Arora for his substantial efforts, which have helped our organization evolve.
We remain committed to innovation and growth as we continue to work to provide financial inclusion to our nation. Agarwal currently serves as Chairman and Independent Director of Trust Mutual Fund. He also serves as an independent director on the boards of ACC Ltd, Star Health Insurance, UGRO Capital Ltd, and MK Ventures Capital Ltd.
Paytm and Zomato Address Acquisition Speculations
In other news, Paytm and Zomato have clarified recent speculative reports regarding a potential acquisition deal. Both companies have stated that deal evaluations are still under consideration. This strategic board appointment, coupled with ongoing efforts to clarify market speculations, underscores Paytm’s focus on strong governance and strategic growth in the financial technology sector.
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